FTSE 100 Gains As Housing Market Rebounds

U.K. stocks advanced on Friday after data showed U.K. house prices increased for the first time in more than a year in February.

House prices posted an annual increase of 1.2 percent, in contrast to the 0.2 percent decrease in January as the decline in borrowing costs helped to bring an upturn in the housing market, according to the Nationwide Building Society.

The benchmark FTSE 100 was up 55 points, or 0.7 percent, at 7,685 after finishing marginally higher the previous day.

Homebuilder Barratt Developments rose 1.2 percent and peer Taylor Wimpey added 1.1 percent.

Tritax Big Box added 1.7 percent after the logistics-focused real estate group reported solid profit growth in 2023.

Property portal Rightmove slumped 4.3 percent after it forecast 7-9 percent revenue growth in 2024.

ITV surged 14 percent. The media firm has sold its entire 50 percent interest in digital subscription streaming service BritBox International to BBC Studios, ITV’s joint venture partner, for 255 million pounds, to be paid in cash.